Venezuela’s Q1 steel production rises by 6%

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The president of largest state owned steel company Ferrominera said the steel production in this Q1 reached 4.27 million tons, increasing by 6%. Also, it is the best performance of the industry over the past five years.

This growth is mainly contributed by increased investment in the sector, he added.

In fact, the Venezuelan steel sector produces less than the capacity for years, due to lack of investment and old technology. Besides, the electricity crisis in 2010 caused rationing also hit the sector.

However, Venezuela intends to recover their strength in steel industry by getting help from their strategic partner, China.